I'm currently two years into my IVA, but after being in touch with the Select Partnership I may be in a position to raise enough through a secured loan to make a full and final offer.
I have emailed Freeman Jones about this, and although they haven't discounted the idea, they are saying that this would count as an equity release from the property which is part of the IVA anyway.
It comes down to whether releasing funds now suits not just you but the creditors and whether the figures linked to the next 4 years realise them the same.
I think FJ are just being short sighted and if funds are being released now that is a good bet - they seem to be gambling on getting more in the future.
IVA started March 2011, Completed March 2016 and certificate issued 11 days after final payment. It was not always easy but then some of the best decisions aren't.
My name is Spencer, I am part of the team at Freeman Jones.
I would like to look into this for you and provide the clarification that you need.
Please could you send me an email with your Freeman Jones reference number to spencer.last@freemanjones.com and I will get straight on to this for you.
Good luck with the settlement and I am sure FJ will be able to help. I agree with what they are saying in that you would need to factor in the remaining payments plus any equity release or extension when working out the offer. Of course it also depends on affordability and loan to value and creditors do like to get their money early so I am sure you will be fine and hopefully out of your IVA in the near future.
Thanks to everyone for their help. I'm sure FJ are doing their best, I just find it hard to get my head around these things....probably why I have an IVA in the first place?!
Spencer, thanks for offering to assist, I will email you with details soon.
